How can we revive UK economic growth?
Even before the economic crisis of 2008, economic growth in the UK had been sluggish - and things have been even worse in the past decade. In order to provide a qualitatively better future for everyone, we need economic growth to return to the rates of the past, averaging 3-4% per year, not the 1-2% per year we have become accustomed to. How can we achieve this? In a recent essay, the entrepreneur and Labour Party supporter John Mills argues that manufacturing is the key to growth - but it is simply unprofitable to make things in the UK. The central reason for this, he argues, is that the sterling exchange rate is too high, unduly influenced by the financial sector and the sale of UK assets, like property, to foreign buyers.
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founder and chairman of JML; economist and author, noted for his writing on Brexit, the Labour Party and exchange rate policy; founder, the John Mills Charitable Trust
Why is the UK growing at less than half the world average rate?, John Mills, November 2018